Textile-quota traders will be fined: Tunky<\/p>\n
JAKARTA (JP): The government is to fine traders of textile-
\nexport quotas in a bid to encourage more exports of textiles and
\ntextile-related products.<\/p>\n
Minister of Industry and Trade Tunky Ariwibowo said in Nusa
\nDua, Bali, yesterday that quota trading practices have marred the
\nperformance of textile exports because they have reduced export
\nopportunities for those in the textile industry.<\/p>\n
\"To reach a target of US$12 billion from textile exports (per
\nannum), we need to improve the management and supervision of
\nquotas,\" Tunky was quoted by Antara as saying.<\/p>\n
Exports of textiles and textile-related products exceeded
\nUS$6.2 billion in value last year -- or 13.66 percent of the
\ncountry's total exports -- compared with US$5.8 billion in 1994.<\/p>\n
During the first four months of this year, textile exports
\nwere $1.98 billion, up from $1.8 billion during the same period
\nof last year.<\/p>\n
The export director at the Directorate of International Trade,
\nSudar, explained that his office will monitor intensely quota
\ntrading among quota holders, especially between those who have no
\nexport capabilities but have secured export quotas from the
\ngovernment.<\/p>\n
The Ministry of Industry and Trade distributes export quotas
\nto textile producer-exporters, through which textile producers
\ncan export their products to countries which set such quotas.<\/p>\n
Tunky said that the size of the fine for quota traders will be
\nthe same as the value of the traded quotas.<\/p>\n
He noted that textile producers should not play around with
\nquotas, considering that the government has given a number of new
\nfacilities to them.<\/p>\n
In an effort to boost the country's non-oil exports, the
\ngovernment, through a deregulation package announced in June, has
\ngiven special tax, customs and banking breaks to exporters of
\ntextiles and textile-related products, shoes, electronics, wood
\nand rattan products and leather goods.<\/p>\n
Banking incentives for exporters in the five sectors include a
\nmore favorable interest rate on rediscount facilities, longer-
\nterm usance letters of credit and freedom in deciding the level
\nof fees for opening letters of credit.<\/p>\n
The government, Tunky said, has so far extended such
\nfacilities to 44 companies and is still processing the proposals
\nfrom 124 other firms.<\/p>\n
The government, however, will not give such facilities to
\ncompanies that violate the rules, including those which trade
\ntheir quotas, Tunky said. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/textile-quota-traders-will-be-fined-tunky-1447893297",
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